- Jun 20, 2012
https://www.fin24.com/Economy/oil-and-gas-find-could-help-sa-set-up-sovereign-wealth-fund-says-mantashe-20190314Minister of Mineral Resources Gwede Mantashe told the National Assembly that South Africa's recent oil and gas find had great potential to offer the country energy independence, economic growth and jobs.
Mantashe was addressing Members of Parliament during a plenary of oral replies to their questions on Wednesday afternoon.
Total announced during the 2019 Mining Indaba that it had found offshore gas deposits at its Brulpadda prospects in the Outeniqua basin, some 175km off the coast of South Africa.
In a statement in early February, Total said the Brulpadda well encountered 57 metres of net gas condensate pay in reservoirs, with the well reaching a final depth of 3 633 metres.
Mantashe told members that while more information still needed to emerge about the potential of the find for the South African economy, he was confident that it could reduce South Africa’s exposure to international oil price volatility.
"It is still early days to determine the full extent of this opportunity. However, there is a potential to reduce significantly the dependency on imports of oil and gas. It can also help us develop oil and gas sector into an independent and robust sector," said Mantshe.